Zhang Yong, the co-founder and chairman of Haidilao, one of China’s most successful hotpot chains, remembers his first time eating out. As a 19-year-old welder in Jianyang, Sichuan, it was exhilarating to escape the proletarian company cafeteria and dine in an actual restaurant, a rare experience for him at the time.

But the staff was rude and the hotpot didn’t inspire. Then came a twist of fate that would change China’s culinary history: Zhang bolted from his job at a state-owned tractor factory in a dispute over a company apartment for him and his fiancée. In 1994, he opened his first restaurant with just four tables.

Today, Zhang runs the nation’s most popular chain of restaurants that serves up boiling soup broth with meat, seafood, vegetables, and noodles. Haidilao has 196 outlets in 60 Chinese cities as well as more in Los Angeles, Tokyo, Singapore, and Seoul.

I have only good things to say about Haidilao. (except the crowd)
Waiting time at their shanghai outlet during peak hours are up to 4hours
Will always try to eat there whenever possible, the service makes it a very pleasant dinning experience.

In any case, they stand out for the service and the food.
Cant point out any other hotpot restaurant that has equal level of service.
Ingredients are always fresh, soup always on point.

In some ways, the business strategy is somewhat similar to Amazon.
To deliver what others can't.

Sichuan spicy hotpot chain Haidilao prepares for Hong Kong IPO
Brokers expect the company, founded by former welder and tractor factory worker Zhang Yong, to seek to raise between US$600 million and US$700 million

Haidilao International Holding, considered China’s most popular Sichuan-style hotpot restaurant chain, has filed to launch an initial public offering (IPO) in Hong Kong.

Founded in 1994 by its current chairman Zhang Yong – a former welder and tractor factory worker from in Jianyang Sichuan – the Beijing-based business opened its first outlet in Hong Kong in October last year, cooking up impressive revenues in the city of 16.2 million yuan (US$2.54 million) by the end of the year.

It filed its application for an IPO on Thursday night.

Brokers expect the company to seek to raise between US$600 million and US$700 million, while the final size has not been announced and will depend on market sentiment and investor appetite.

Last year the company reported an annual profit of 1.028 billion yuan, a 39.8 per cent rise, according to the filing made to the Hong Kong stock exchange. Its revenue jumped 36 per cent to 10.6 billion yuan. The IPO is being led by CMB International and Goldman Sachs.